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 & (1) & (2) & (3) & (4) \\
VARIABLES & FD\_l\_hhi & l\_hhi\_ha\_dev & l\_hhi & l\_hhi\_hp\_dev \\ \hline
 &  &  &  &  \\
l\_va\_total\_FD & 0.332*** &  &  &  \\
 & (0.0670) &  &  &  \\
l\_va\_total\_ha\_dev &  & 0.281*** &  &  \\
 &  & (0.0494) &  &  \\
l\_va\_total &  &  & 0.0944** &  \\
 &  &  & (0.0459) &  \\
l\_va\_total\_hp\_dev &  &  &  & 0.330*** \\
 &  &  &  & (0.0636) \\
Constant & -0.0926*** & -0.00798 & -4.362*** & -0.0226*** \\
 & (0.0135) & (0.0138) & (0.593) & (0.00605) \\
 &  &  &  &  \\
Observations & 6,875 & 6,325 & 6,875 & 6,875 \\
R-squared & 0.091 & 0.058 & 0.954 & 0.071 \\
Sector FE & Yes & Yes & Yes & Yes \\
Year FE & Yes & Yes & Yes & Yes \\
Sector-Year FE & No & No & No & No \\
 Cluster & Sector & Sector & Sector & Sector \\ \hline
\multicolumn{5}{c}{ Robust standard errors in parentheses} \\
\multicolumn{5}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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